Created in 1969 and operating in 50 countries around the world, The Gap has long been considered as a reference in apparel, its basic style being synonymous with casual, simple but with an attitude, like its famous cargo pants. But the competition became really fierce when fast-fashion brands such as H&M or Zara emerged on the market. The Gap has been struggling to regain its place and became boring for the price. Cheap brands offer various styles for less money, customers tend to move faster than The Gap did and the retailer got stuck in its comfort zone.
"Returning Gap brand to growth has been the top priority since my appointment four months ago" said Art Peck, Chief Executive with a difficult challenge. To limit damages, the painful decision of closing stores has to be taken and was announced last month: The Gap will shut a quarter of its stores in North America. 140 closing will be effective this year followed by 35 more within the following years. This also means 250 positions to be cut at the retailer's offices. The closing of European stores is planned too, without further information at the moment. Let's hope this hard step is one towards recovery eventually.
*Photo: Dorsetdude
News in the same category
Amazon has announced that it will open a branch of its Amazon Go supermarket chain in New York City. This will be the fourth Amazon Go branch, and the first to be opened outside Seattle, Washington.
PepsiCo is a few weeks away from launching an intriguing project called Kola House. Located in the Meatpacking District in New York City, this experimental venue aims to become the new place to be.
One of the best and still growing shopping destinations in the US is the Dior outlets that are now and some yet to be opened and some now opening.
From this fall in New York, Target is going to bring magical characters like Mickey Mouse and Elsa to shoppers visiting some of their stores.
